Check Your Potential Eligibility for HARP 2.0 Refinance

Many folks call to ask what is a HARP 2

0 all about

The Answer:
The Home Affordable Refinance Program (HARP) is a program designed to assist homeowners in refinancing their mortgages – even if they owe more than the home’s current value

Our term for this is called “underwater

”  


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The primary expectation for Home Affordable Refinance is that refinancing will put responsible borrowers in a better position by reducing their monthly principal and interest payments, reducing their interest rate, reducing the amortization period, or moving the current loan from a more risky loan structure (such as an interest-only mortgage or a short-term ARM) to a more stable product (such as a fixed-rate mortgage)

Since each person may have a different loan scenario, than say your neighbor, there are many questions regarding if you do or do not qualify for the Home Affordable Refinance program and would it may sense for you to refinance

Your first determination is to find out  if your particular loan is a Fannie Mae or Freddie Mac owned loan and that your current mortgage was taken out on or before May 31, 2009

The LOOKUP  to  determine who owns your loan:

Fannie Mae   CLICK HERE

Freddie Mac  CLICK HERE

Let’s say that have determined one Fannie Mae or Freddie Mac own you loan, the what next

The easiest step is give us a call, to go to Step 2, 3, 4 and final settlement

Since the HARP 2

0 was announced in 2012, there have many enhancements to the program

If you were told a year ago you did not qualify, then it may be prudent to check again now to see you may quality

Timing is still ripe for getting your home mortgage refinanced

Rates and terms may never be this again

Your questions and comments are always welcomed!

 

 

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